An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Student Loan Stretching

Arkansas Rep. Tom Cotton mischaracterizes the Affordable Care Acts impact on student loans, and a teachers union stretches Cottons voting record on the issue.

Cotton says the ACA nationalized the student loan industry and implied students cant get private loans from their local banks anymore. Not exactly. Plenty of banks offer private education loans, and the federal student loan program always has been a government program.

Before the ACA, about half of federal student loans originated with private lenders while being guaranteed by the government. Now, the government is both the lender and the guarantor. The move saves $61 billion over 10 years, according to the Congressional...

Letter: Bruce Braley stresses education funds

Still, more work needs to be done. With tuition costs skyrocketing, college costs are putting the dream of an affordable education out of reach for too many students and families. I believe we must do everything possible to make college more affordable. That's why I support expanding Pell Grants, extending the college tax credit to offset tuition costs for middle class families and keeping student interest rates and payments low.

My opponent Joni Ernst also went to Iowa State and took advantage of federal student loans to help pay her way through college. But unlike me, she doesn't believe that today's students...

Private Student Loan Debt: Overlooked 411

As higher education costs soar, the number of prospective students turning toward private student loans instead of or in addition to federal loans is likewise escalating.

In considering what loan options are best, many factors come into play. The professional opinions regarding federal versus private loans are conflicting, predictably with urging students to only apply for federal loans, while lenders in the private sector highlight the advantages of private student loans.

Even if you are a proponent of federal over private loans, what happens when federal student aid runs out? The price of college has not decreased. Students need higher education to find...

What Will It Take for Millennials to Become Homeowners?

Why arent all young would-be homebuyers just taking advantage of the low down-payment options offered by these plans to get into the market before prices rise further? Not everyone has access to the programs that can shrink a down payment, and even for those who do, such help may not be enough. Typically the down payment is the biggest hurdle for a homebuyer says Ken Fears, director of regional economics and housing finance at the National Association of Realtors. Programs that have a lower down payment are going to provide a bigger boost for the consumer. Some programs, like Fannie Maes Community Home Buyers Program, require a 5 percent down payment, a sum that still makes saving a difficult...

Fixed-rate mortgages to fall further in wake of stock market turmoil

Fixed-rate mortgages are heading towards their lowest ever levels in the wake of dramatic falls in the stock market that have pushed down the price of borrowing to record lows.

Five-year fixed-rate deals have fallen to a low of 2.59% already and are expected to smash through the all-time low of 2.48%, said mortgage expert Ray Boulger of brokers John Charcol.

"Accord announced a market leading five-year fix of 2.59% at the end of last week, but this is unlikely to remain the lowest rate for long. In fact I think there is a strong chance we will soon see some five-year fixes challenging the previous lowest ever five-year fix of 2.48%, which was available nearly two years ago,"...

Business loans for single mums in Guyana

In the smouldering midday sun Bhimwattie Sahid uses a machete to prepare a patch of land where she will grow 700 sweet pepper plants.

The crop will be ready in time for Guyanas Christmas holiday season, when the peppers - which are used in a number of the South American nations popular dishes - sell for high prices.

Mrs Sahid owns and runs a successful small farm near the border with neighbouring Suriname.

A 63-year-old single mother who struggled to bring up two girls following the death of her husband in 2003, has seen her fortunes transformed over the past four years, thanks to the introduction of a small loan scheme aimed at women like herself.


Oakville Votes: Ward 5 Local/Regional profile

The election race in Ward 5 had brought residents concern for air traffic noise to a head as incumbent Jeff Knoll faces a hard-fought challenge from former mayor Ann Mulvale, as well as Hugh Boyd, for the Local and Regional council seat.

Candidates vying for the Town Council seat in the Ward include incumbent Marc Grant, Ibrahim Daniyal, Del McIntee, Linda Nazareth and Bob Seccaspina.

Mulvale, who has 23 years of municipal experience, said...

Will You Be Ready for the Next Recession?

In the years leading up to December 2007 there was a growing chorus declaring the end of business cycles. Clearly, business cycles have not gone away, and new research shows that the nature of recessions has changed in troubling ways.

We cant predict when the next one will come, but those who fall in its wake will face a tough road to recovery. That is because recessions are increasingly structural events. They occur less often but involve more economic disruption. In particular, they are followed by jobless recoveries and feature more permanent layoffs.

These effects are clear in the current economy. Five years into the so-called recovery, total unemployment has fallen but nearly...

Elon Musk Just Made It Way Cheaper To Live Off Solar Power


Outfitting your home with cheap solar power just got a lot easier.

Elon Musk-chaired Solar City, the biggest name in residential solar power, is now offering loans to allow their customers to own their solar panels for cheaper than their current lease offerings.

The loan option, called MyPower, is structured like an energy payment, in that the customer pays off the loan by paying their energy bill -- and its a win-win, because these payments can end up being cheaper than your traditional power bill. And after 30 years, the power is free.

Heres how it works, according to SolarCity founder and CEO Lyndon Rive: customers take out a 30-year loan on a solar...

7 Money Mistakes That Can Wreck Your Marriage

Are you wondering whether you and your betrothed will have a love that lasts a lifetime? Then you need to forget about the kids, the in-laws and the s-e-x for a minute.

When it comes to whether you'll remain together until death do you part, it's all about the Benjamins. Yes, we're talking money here, folks. According to a 2013 study from Kansas State University, financial arguments are the leading predictor of whether a marriage will end in divorce.

Of course, there are no guarantees, but you may be able to increase your chances of marital bliss by avoiding common money mistakes.

Mistake No. 1: Thinking Your Spouse's Debt Is Not Your Problem

According to the Census Bureau,...

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